Wash spinach thoroughly in a colander.
Heat 8-10 cups of water in a large vessel. Once water starts boiling, add spinach leaves. Boil for for 4-5 minutes.
Remove water and run the spinach through cold water or add ice cubes.
Add blanched spinach in a blender with green chilies. Blend into a smooth puree.
Heat oil and butter in a pan. Crackle cumin seeds.
Add chopped onion followed by ginger garlic paste. Saute and cook until onion turns pink.
Pour pureed spinach and mix. Add salt and garam masala.
Cook for few minutes and then add paneer cubes. Mix gently otherwise paneer cubes will crumble. Add little water to adjust the consistency.
Switch off the flame and serve hot with rice or roti.